A firm has experienced a constant annual rate of dividend growth of 9% on its common stock. The current period (To) dividend is $2.48 per share and the expected dividend next year (T) is $2.70. Investors can earn 12% on similar risk involvements. Using a dividend discount (constant growth) model, calculate the value of this common stock a) $22.50 per share b) $82.67 per share c) $90.00 per share d) $30.00 per share